The administration of PROCHIEVE 8% vaginal progesterone
gel was associated with a statistically significant reduction in
the rate of preterm birth at less than or equal to 32 6/7 weeks
gestation, the primary endpoint of the study, compared to placebo
gel. There was also evidence of improvement in infant
outcome. The incidence and profile of adverse events in
patients receiving PROCHIEVE 8% was comparable to placebo, which
was as expected given the product's documented safety history.
Further details of the study will be available at the time of
publication in the biomedical literature after peer-review.

This study was conducted in collaboration with the
Perinatology Research Branch (PRB) of the Division of Intramural
Research of the Eunice Kennedy Shriver National Institute of
Child Health and Human Development (NICHD) of the National
Institutes of Health (NIH).

"The primary result of this trial shows that vaginal
progesterone reduces the rate of spontaneous preterm birth," said
Dr. Roberto Romero, Chief of the
Perinatology Research Branch of the NICHD/NIH. "Preterm birth
is a serious public health problem, affecting 10 to 12% of all
pregnancies in the United States
and costing approximately $26 billion
per year."

"Based on the significantly lower incidence of preterm
birth among women treated with PROCHIEVE 8% in this clinical trial,
we believe PROCHIEVE 8% will be an important drug in helping to
reduce the incidence of preterm birth. We intend to file an
NDA for PROCHIEVE 8% in this new indication in the second quarter
of 2011," said Frank C. Condella,
Jr., Columbia's president
and chief executive officer. "On behalf of the Columbia team, I want to thank the NICHD of
the NIH for its collaboration on the PREGNANT Study, as well as the
many physicians, medical professionals and especially patients who
participated in this important study."

"Our market research has shown that short cervical
length, as determined by transvaginal ultrasound, is the most
powerful predictor of spontaneous preterm birth and women with a
short cervix between 10 and 20 mm represent up to 5% of the 4
million births each year," said Fred
Wilkinson, Watson's Executive Vice President, Global
Brands. "Results from the PREGNANT Study create a compelling
reason for making transvaginal ultrasound a routine part of
obstetric care to identify women at risk. Additionally, the
availability of a potential treatment such as PROCHIEVE 8% could
represent the first meaningful clinical step in reducing preterm
birth and the subsequent medical costs of responding to such
pregnancies. If ultimately approved, the availability of PROCHIEVE
8% would represent a previously unavailable option in the
physician's arsenal of responses, which currently focuses on
extending pregnancy where possible and addressing infant care
following premature birth."

About the Study

The PREGNANT (PROCHIEVE Extending GestatioN A New
Therapy) Study was designed to evaluate the safety and efficacy of
PROCHIEVE® 8% (progesterone gel) to reduce the risk of preterm
birth in women with a short cervical length as measured by
transvaginal ultrasound at mid-pregnancy. This double-blind,
placebo controlled study enrolled 465 healthy pregnant women
between the ages of 15 and 45 at more than 40 sites in 10
countries. Nearly half of the subjects were enrolled in the
U.S. Subjects were randomly assigned to receive either PROCHIEVE 8%
or placebo vaginal gel once daily until the earlier of 37 weeks
gestation or delivery.

About CRINONE/PROCHIEVE

CRINONE® (progesterone gel) was approved by the
FDA in May 1997 for progesterone
supplementation or replacement as part of an Assisted Reproductive
Technology (ART) treatment for infertile women with a progesterone
deficiency. Patient preference for CRINONE over competing products
has been demonstrated in five clinical trials. The product is also
available under the trade name PROCHIEVE® and available in
both 4% and 8% concentrations. CRINONE/PROCHIEVE 4% is indicated
for the treatment of secondary amenorrhea.

Important Safety Information

The most common side effects of CRINONE/PROCHIEVE
include breast enlargement, constipation, somnolence, nausea,
headache, and perineal pain. CRINONE/PROCHIEVE is contraindicated
in patients with an active thrombophlebitis or thromboembolic
disorders, or a history of thrombophlebitis or thromboembolic
disorders, missed abortion, undiagnosed vaginal bleeding, liver
dysfunction or disease, and known or suspected malignancy of the
breast or genital organs.

About the Perinatology Research Branch of the
National Institutes of Health

The Perinatology Research Branch of the NICHD was
created by an act of Congress to address the health problems of
pregnant women and their unborn children. The mission of the PRB of
the National Institutes of Health, as a part of the Intramural
Division of the Eunice Kennedy Shriver National Institute of
Child Health and Human Development, is to conduct clinical and
laboratory research in maternal, fetal and neonatal diseases
responsible for perinatal morbidity and mortality. The PRB
emphasizes a multi-disciplinary approach to improve the etiologic
understanding, diagnosis, treatment and prevention of disorders
related to infant mortality.

About Watson Pharmaceuticals

Watson Pharmaceuticals, Inc. is a leading global
specialty pharmaceutical company. The Company is engaged in the
development and distribution of generic pharmaceuticals and
specialized branded pharmaceutical products focused on Urology and
Women's Health. Watson has operations in many of the world's
established and growing international markets.

For press release and other company information, visit
Watson Pharmaceuticals' Web site at http://www.watson.com.

About Columbia Laboratories

Columbia Laboratories, Inc. is focused on developing
products that utilize its novel bioadhesive drug delivery
technologies to optimize drug delivery in a controlled, sustained
manner. The Company's strategy is to fund new development projects
through proof of concept, then partner for later-stage clinical
development and commercialization. CRINONE/PROCHIEVE is marketed by
Watson Pharmaceuticals in the United
States and by Merck Serono in foreign countries.

Columbia's press
releases and other company information are available online at
columbialabs.com.

Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995: This communication contains
forward-looking statements, which statements are indicated by the
words "may," "will," "plans," " intends, " "believes," "expects,"
"anticipates," "potential," "could," "would," and similar
expressions. Such forward-looking statements involve known and
unknown risks, uncertainties, and other factors that may cause
actual results to differ materially from those projected in the
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date on which they are made. Factors that might
cause future results to differ include, but are not limited to, the
following: further statistical analyses of the clinical data
generated during the PREGNANT Study; timely submission of and
acceptance by the United States Food and Drug Administration
("FDA") of an NDA for PROCHIEVE 8% in the new preterm birth
indication; success in obtaining acceptance and timely approval of
PROCHIEVE 8% in the new preterm birth indication by the FDA; the
impact of competitive products and pricing; competitive economic
and regulatory factors in the pharmaceutical and healthcare
industry; the ability to obtain and enforce patents and other
intellectual property rights; general economic conditions; and
other risks and uncertainties that may be detailed, from
time-to-time, in Columbia's and
Watson's reports filed with the SEC, including, but not limited to,
their respective Annual Reports on Form 10-K/A and 10-K for the
year ended December 31, 2009, and
Quarterly Reports on Form 10-Q for the period ended September 30, 2010. Neither Columbia nor Watson undertake any
responsibility to revise or update any forward-looking statements
contained herein, except as expressly required by law.

CRINONE® and PROCHIEVE® are registered
trademarks of Watson Pharmaceuticals, Inc.